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How much would $200 invested at 5% interest compounded monthly be worth after 9 years? Round your answer to the nearest cent.



A. $207.63
B. $310.27
C. $363.82
D. $313.37

Respuesta :

Panoyin
[tex]A = P(1 + \frac{r}{n})^{nt}[/tex]
[tex]A = 200(1 + \frac{0.05}{12})^{(12)(9)}[/tex]
[tex]A = 200(1 + \frac{1}{240})^{108}[/tex]
[tex]A = 200(1\frac{1}{240})^{108}[/tex]
[tex]A = 200(1.56684664942)[/tex]
[tex]A = 313.369329884[/tex]
[tex]A = \$313.37[/tex]

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